The Senate on Thursday unanimously passed bipartisan legislation to rein in trigger leads. That follows the House Financial Services Committee’s unanimous approval of the Homebuyers Privacy Protection Act, an amendment to the Fair Credit Reporting Act, earlier in the week. The mortgage industry now awaits as lawmakers work to reconcile minor differences between the House […]
Trigger leads bill passes in Senate Read More »
Bloomberg News A federal judge rejected the Trump administration’s effort to undo a redlining settlement between the Consumer Financial Protection Bureau and a Chicago mortgage lender whose CEO made comments on a talk-radio show that the agency had alleged discouraged potential Black homebuyers from applying for home loans. On Thursday, District Court Judge Franklin U.
Judge rejects CFPB motion to undo redlining settlement Read More »
Bloomberg News President Trump’s efforts to unilaterally and radically reduce the workforce at the Consumer Financial Protection Bureau is teeing up a rarely-considered constitutional question: if Congress makes the laws and the president enforces them, can the courts intervene if they think those laws are not being enforced “faithfully?” Appellate judges overseeing the ongoing legal
CFPB lawsuit hinges on Trump’s ‘faithful’ execution of laws Read More »
Federal Reserve Vice Chair for Supervision Michelle Bowman.Bloomberg News Newly minted Federal Reserve Vice Chair for Supervision Michelle Bowman is aiming to do something that escaped both her predecessors: finalize the U.S. implementation of the so-called Basel III framework. In her first speech since being confirmed to the central bank’s top regulatory role, Bowman outlined
Is third time the charm for Basel III endgame? Read More »
The U.S. Senate approved President Donald Trump’s nominee for deputy secretary at the Department of Housing and Urban Development on a party-line vote Tuesday. Andrew Hughes, a former HUD official who most recently had been serving as chief of staff to department Secretary Scott Turner, was confirmed by a vote of 51-44. All Republicans voiced
Senate confirms Trump’s pick for HUD deputy secretary Read More »
David Paul Morris/Bloomberg UPDATE: This article includes a quote from Treasury Sec. Scott Bessent. Inflation rose modestly last month, signaling that the U.S. economy might be feeling the effects of elevated tariffs. The Consumer Price Index increased 0.1% in May, bringing the year-over-year inflation rate to 2.4%. The monthly increase was less than the 0.2%
Fed likely to hold steady after muted tariff impact in CPI Read More »
Sheila Bair, former chair of the Federal Deposit Insurance Corp., in 2023.Bloomberg News The former Chair of the Federal Deposit Insurance Corp. Tuesday said she is concerned that the current push to deregulate banks could lead to a calamity in the financial system down the road. Bair, speaking before the Brookings Institution Tuesday, expressed concern
Former FDIC chair fears deregulation could spur new crisis Read More »
Bloomberg News Cara Petersen, the principal deputy enforcement director at the Consumer Financial Protection Bureau, has resigned from the agency, stating in an email to staff that the bureau’s leadership under the Trump administration has “no intention to enforce the law in any meaningful way.” On Tuesday, Petersen sent an email to the CFPB’s enforcement
CFPB’s top enforcement official, Cara Petersen, resigns Read More »
Enjoy complimentary access to top ideas and insights — selected by our editors. As the Trump Administration looks for cost savings at HUD and FHFA, they are learning that things that seem easy to achieve on the surface can be far more complex in practice. After the relatively easy task of headcount reductions, for example,
How DOGE could shrink federal housing spending Read More »
Sen. Jim Banks, R-Ind., joined Sen. Catherine Cortez Masto, D-Nev., in sponsoring a forthcoming bill that would allow the Federal Housing Finance Agency to set executive compensation rules for leaders at the Federal Home Loan banks.Bloomberg News WASHINGTON — Sens. Jim Banks, R-Ind., and Catherine Cortez-Masto, D-Nev., are introducing a bill that would allow the
Exclusive: Sens. Banks, Cortez Masto to offer FHLB pay bill Read More »